Floki's price rose for the second day in a row as cryptocurrencies rallied and traders anticipated the upcoming Wise Monkey airdrop.
herds (LEADERS), one of the top meme coins in crypto, is trading at $0.000248, up about 22% from this week's low.
This revival came after developers shared additional details about the Wise Monkey airfield. FLOKI holders are expected to receive approximately 27% of all MONKY tokens by December 20th. An additional 4% of MONKY tokens will be sent to TokenFi holders, and another 4% will reward users of Floki Bot traders.
This distribution is expected to benefit Floki traders, as Wise Monkey is considered one of the most anticipated crypto projects. according to CoinMarketCapMONKY has amassed a market cap of over $263 million.
Floki's price also rose ahead of the upcoming Valhalla mainnet launch. The launch, which was supposed to happen in December, was postponed until the first quarter of 2025.
The developers noted that the delay will allow the auditors to test the smart contract to prevent vulnerabilities.
Meanwhile, Floki's token burning campaign has continued, reducing the distribution supply. Data from CryptoEye appears the network has burned more than 5.7 trillion tokens in the past three months, and this trend is expected to continue.
Floki's price is ripe for a bullish breakout
The daily chart shows that Floki has been in a consolidation phase over the past few weeks, forming a bullish flag pattern marked by a long straight line followed by a rectangle formation.
The price has moved above the 50-day and 100-day moving averages and is trading between the 38.2% and 23.6% Fibonacci levels.
Additionally, Floki's price action suggests the formation of a cup-and-deal pattern. If this trend continues, the price could make a strong recovery, possibly reaching the year-to-date high of $0.0003480, representing an increase of 42% from the current level.
Stop loss for this trade is set at the 50-day EMA at $0.0002100. Falling below this level could be a lower signal.
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